Today has seen the pound fall across the board, with the pound/euro exchange rate sitting at its lowest level since 15th November.
The GBP/EUR cross is currently trading at 1.1534 (mid-market), and today’s move means the currency pair has fallen 2.5 per cent since last Tuesday (3rd Jan) and nearly 4 per cent since the middle of December.
Why has the pound/euro rate fallen?
The pounds value has dropped following comments made by UK Prime Minister Theresa May yesterday. Speaking to Sky News, May hinted she will push ahead with a “hard Brexit” by giving up Britain’s access to the single market in order to focus on the country’s immigration controls.
During her first interview of 2017, Theresa May said the UK could not hold on to “bits of EU membership”, and added that the UK will not be a member of the EU any longer.
Her comments have left investors worrying about the future of the UK economy, and if their fears mount we could easily see GBP/EUR hit the kind of levels we witnessed back in October.
What does the recent move for pound/euro mean for you?
If we look at the pounds decline in monetary terms, converting £300,000 into euros today will see you receive around €8500 less than seven days ago.
Although it does not make great reading for those of you looking to purchase euros, it suddenly represents an excellent opportunity for those looking at converting euros back into pounds.
Looking to buy or sell euros?
If you have a requirement to buy or sell euros and are concerned about how the upcoming Brexit negotaitions will impact your transfer, contract us today for a free, no-obligation consultation. We don’t deal in cash or holiday money, but if you need to have currency wired to a bank account to purchase property overseas for example, our rates could be up to 3% or 4% better than your bank may offer, potentially saving you thousands. To get a free quote simply click here or complete the form below.